Cal-Maine Foods, Inc. (Nasdaq:CALM) yesterday reported results for the third quarter and nine months ended March 3, 2001. Net sales for the third quarter of fiscal 2001 were $103.9 million compared with net sales of $79.2 million for the same quarter of fiscal 2000. The Company reported a net income of $4.8 million, or $0.40 per share, for the third quarter of fiscal 2001, compared with a net loss of $4.0 million, or $0.32 per share, for the same quarter a year ago.

For the first nine months of fiscal 2001, net sales were $272.0 million compared with net sales of $209.3 million for the same period a year ago. The Company reported a net income of $6.4 million, or $0.53 per share, for the first nine months of 2001 compared with a net loss of $12.1 million, or $0.98 per share, for the same period a year ago.

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Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, stated, “We are pleased to report a profit for the third quarter and first nine months of fiscal 2001. Demand for eggs was good during the third quarter and continues strong as we move toward Easter. Supplies of eggs have been balanced with this good demand. Feed prices continue to be favorable.”

Cal-Maine Foods, Inc. is primarily engaged in the production, cleaning, grading, packing and sale of fresh shell eggs. The Company, which is headquartered in Jackson, Mississippi, currently is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in approximately 26 states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.

Statements contained in this press release which are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (contained in the Company’s SEC filings) which could cause actual results to differ materially from those projected. SEC filings may be obtained from the SEC or by contacting the Company. 

                CAL-MAINE FOODS, INC. AND SUBSIDIARIES

            Condensed Consolidated Statements of Operations

                              (Unaudited)

                 (In thousands, except per share data)

Thirteen Weeks Ended Thirty-Nine Weeks Ended
Mar. 3, Feb. 26, Mar. 3, Feb. 26,
2001 2000 2001 2000
——————— ———————–
Net sales $103,913 $ 79,191 $272,020 $ 209,300

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Gross profit 20,559 6,547 46,723 14,948

Operating income (loss) 9,411 (4,233) 15,025 (14,541)

Income (loss) before
income taxes 7,518 (6,258) 10,044 (19,040)

Net income (loss) $ 4,788 $ (3,997) $ 6,392 $ (12,093)

Net income (loss) per
common share:
Basic $ 0.40 $ (0.32) $ 0.53 $ (0.98)
Diluted $ 0.40 $ (0.32) $ 0.53 $ (0.98)

Weighted average shares
outstanding:
Basic 11,983 12,349 12,096 12,401
Diluted 12,088 12,349 12,156 12,401

Book value per share
outstanding $ 5.54 $ 5.46 $ 5.54 $ 5.46